HO6 Policy: No Personal Belongings in a Condo Left Behind

Onyx Insurance Brokers

There is nothing sweeter than owning your first condominium. For millennials, independent hustlers, or first time owners alike, this fruit of labor tastes like sweet success. However, purchasing you first condo is just start ownership, and a wise owner looks to protect their investment. Insuring your condo becomes key. While limited coverage may be included in a condo association, your best and complete protection will come through an individual, customized condo insurance policy. This individual condo insurance policy is also known technically as HO6 insurance.

The HO6 policy covers personal property and most things not covered by the condo association policy. Unlike homeowner’s insurance, HO6 insurance typically only covers things inside the unit although this can vary among condo complexes. Moreover, building exteriors and common areas are the only covered in condo association insurance and do not cover all damages outside the unit in comparison to the HO6 insurance.

We will be looking at how an HO6 policy protects property and its owners.

Personal possessions are covered in this condominium insurance. Events that are typically covered include fires, burglary, loss of use and personal liability. Belongings that could be taken if a homeowner were to move are also likely to be covered. The HO6 policy insures the owner should there be a case of fire that damages the furniture or burglary in which valuables are stolen. Please note that while most homeowner’s insurance covers water-damage from plumbing, HO6 does not typically cover water-damage from flooding. Consider purchasing a flooding policy if you are concerned about flooding and live in a flood-prone location. Structures such as floors, cabinets, carpets, light fixtures, inner walls, and countertops and contents such as furniture, appliances, electronics, jewelry, clothing, artwork, and TVs are examples of the things that are covered in the insurance policy.

For policy holders, it is important to have a list of items in the condo. Additionally, consider what it would cost to replace them, in today’s market, when valuing belongings. This list will help when making a claim. It is important to note that policy limits exist on valuables in standard condo insurance. Thus, you might opt to purchase an endorsement to provide additional coverage on certain items.

HO6 policy protects from possible damages to interior walls, floors, and ceiling caused by fire, weather, theft, vandalism, smoke damage, and frozen pipes.

There can be two types of condo association master policy: “all-in” and “bare walls-in”.

  • An “all-in” condo master policy is also known as a “single-unit” master policy that covers the fixtures in the condo such as the appliances, wiring, plumbing, and carpets excluding personal property.
  • A “bare walls-in” condo master does not cover anything contained within the walls. Plumbing and electrical systems may or may not be covered.

Knowing what the master policy protects you from, can help you purchase the proper individual home insurance policy coverage. This is necessary so that you can figure out how to supplement coverage for anything not included in your association’s policy.

When in doubt, reaching out to an insurance agent is always a good move. Onyx Insurance Brokers Inc. has expert agents that will advocate and educate you more about HO6 or any other insurance policies or claims processes.

Be sure to make an appointment with Onyx Insurance Brokers today!

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